Are stoozing days over?

Thefunkygibbons

I am still going strong but it is getting harder

I may move to slow stoozing for a while and see what happens in the market

EagerLearner

I have never stoozed and was considering the following:

1 - Getting Guide dogs HBOS card with 9 months 0% and no balance transfer fee
2 - Transferring max balance to Egg Money card (say £4k)
3 - Transferring that £4k from Egg card to ICICI savings account

Is this how I am supposed to do it or are there any pitfalls?

EagerLearner

Milarky

EagerLearner wrote:

I have never stoozed and was considering the following:

1 - Getting Guide dogs HBOS card with 9 months 0% and no balance transfer fee
2 - Transferring max balance to Egg Money card (say £4k)
3 - Transferring that £4k from Egg card to ICICI savings account

Is this how I am supposed to do it or are there any pitfalls?

EagerLearner

Most important to remember to create a minimum payment onto the HBOS card (2% of balance) in good time. It is unlikely that the opening direct debit payment will be collected in time - Halifax (which is HBOS) sends you a form to return and it takes ages even to get to you. I have come to dislike direct debits because of this first payment problem and have opted more and more for making repeated single 'bill-payments' set up in advance once the statement is produced instead. These need to be sent at least 2 'clear' working days in advance of the statement 'due by' date to arrive by that date and organised every month of course. You might consider as an alternative a standing order - for 2% of the initial balance - set to one week (5 clear working days except where bank holidays reduce this gap to 4 or 3 cwd) in advance of the due date. Assuming the due date is the same each month - say the 15th - then any payment initiated on the 8th would get to the credit card by the 15th. (There is nothing to prevent you keeping these payments fixed - even though the amount called for is falling very slightly due to the reducing balance.)

EagerLearner

Hi Milarky - thanks for the info - I think I got the c/card name wrong - I am considering applying for the Royal Bank of Scotland Guide Dogs one which has no transfer fee. In another post, Grumbler said my point 2 was incorrect and that I had to transfer the balance FROM the Egg card, which left me confused... if anyone can enlighten me with how to stooze the 4k limit with 0% Royal Bank of Scotland Card and an Egg Money card I would be sooooo grateful! Meanwhile I will also read more on stoozing from other posts...

EagerLearner

EagerLearner

Hi again - I looked further and it is the HBOS card, soz. Here is what Martin had to say re stoozing process wit Egg Money:

"The alternate method requires the new Egg Money credit card. This pays 4% interest if you have a positive balance on it. Therefore get it then apply for any card offering 0% on balance transfers. Then ask them to balance transfer (normally this is debt shifting, but here you’ve no debts to shift) from the Egg Money card to its 0% offer. Thus you’ve now got credit on Egg Money equal to the 0% debt on the new card. "

This is the same as what I posted earlier... right?

EagerLearner

YorkshireBoy

EagerLearner wrote:

...I think I got the c/card name wrong - I am considering applying for the Royal Bank of Scotland Guide Dogs one which has no transfer fee.

Are you sure? Halifax Bank of Scotland (HBoS) run a Guide Dogs charity card.

In another post, Grumbler said my point 2 was incorrect and that I had to transfer the balance FROM the Egg card, which left me confused... if anyone can enlighten me with how to stooze the 4k limit with 0% Royal Bank of Scotland Card and an Egg Money card I would be sooooo grateful! Meanwhile I will also read more on stoozing from other posts...

I've answered this question on your other thread.

EagerLearner

Hi - yes - I did mean the HBOS one, Halifax, as it's Martins latest recommendation - will apply today! OH applied on Sunday and got it no probs.

Just off to look at your respose ;o)

EagerLearner

HGLTsuperstar

go for it, its a great deal and they told me my CL there and then online. You can only BT 90% of it but after a couple of months of repay you could top it back up. Did the same as you, muled via Egg money with no prob, into A&L online saver as got that at the old 5.15% so happy days!!!

EagerLearner

Sad news - did not get the card, prob because only been in job for 3 months. No stoozing for me, that way anyway.

I have a Cahoot 11.9% card and an Egg Money card - I will not be able to stooze with those, will try again in 6 months or so... or can I try in 3 months? Problem is I am moving in 2 weeks, more ruination for my credit record!

Stoozing days may well be winding up, I tried though ;o(

tomstickland

Stoozing is still alive and well.
Sainsbury's bank are offering 12 months 0% on purchases, for example, so you could put all of your pay into a high interest account for 12 months for some slow stoozing.